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the tough rhetoric when we come back. >>> and yet another big story brewing for tomorrow. john boehner, he could be facing a real challenge for his job speaker of the house. ace acosta is all over this story. "the kudlow report" begins right now. >>> back to the rally on the streets today. that is the total sizzle story. check out these numbers. in case you missed it, dow added 308 points. nasdaq up 93. s&p 500 surging 36. cnbc's kelly evans joins us with all the details. good evening, kelly. >> larry, good evening, from down here at the stock exchange where you practically would expect streamers and champagne. the kind of day we had to put in in context, the likes of bill gross saying he sees stocks up 5% for the year, we did 60% of that in the first trading day. a lot of people are pointing to this that there could be many better things to come than just 5% in stocks. we saw the best start to the year, at least in percentage terms for the major indexes since 2009. the russell 2,000, by the way, doesn't usually get the headlines but it hit a record high. the global dow is at a 52-week hig
to bring bills to the floor unless they got a majority support from republicans. speaker john boehner of ohio violated that longstanding rule last night and in the process he became the only member of the leadership of his party who voted in favor of the bill. eric cantor and kevin mccarthy joined the majority of their party in voting no. boehner did find support from one key republican, paul ryan of wisconsin also voted yes. the main sticking point for republicans, a lack of spending cuts. hours before last night's votes, republicans considered trying to amend the bill from the senate and add additional spending cuts in. the senate made it clear they had no intention of revisiting this idea. so if changes were made that would essentially kill it. before the vote, republicans took to the floor and voiced their concerns. >> there are no spending cuts. we're adding $4 billion a day to the debt. the senate failed in cutting spending. >> i thought we were in a deficit crisis. i thought families were put at risk by this massive debt. what does this do about that? >> it was way past those s
. >> months and months of talks between the president and boehner, both times boehner could not deliver because they refuse because of grover norquist to allow any tax revenues whatsoever. they cannot cross over the threshold that has been built by grover norquist. >> grover norquist joins us now exclusively here on cnbc. grover, we just heard you are the target of those comments, but did harry reid get it wrong, because i thought that your organization actually gave its blessing to boehner's plan "b." >> reid has it wrong on a number of levels. the first, of course, is that the pledge that many congressmen and senators have made to oppose tax increases is made to the people of their state, not to me. in fact, harry reid now has the republican senator joining him from nevada who won because he made that commitment. he took the pledge, and the democrat that harry reid supported attacked him for taking the pledge, and the people of nevada said we want a senator who will stand with us against harry reid's tax increases, so -- and, of course, the issue that came up with plan "b" which was m
%. house speaker john boehner reportedly cursing out senate majority leader harry reid right outside the oval office. representatives from both sides of the aisle will join us next to explain how lawmakers can possibly reach a deal on the debt ceiling in this kind of poisonous environment. plus, new jersey governor chris christie is furious. >> there's only one group to blame for the continued suffering of these innocent victims, the howth house majority and their speaker, john boehner. >> we'll get into the politics behind that bill when we get back. >> we'll get into the poli behind that bill when we get back. g kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their
. so any vote in the house will be a vote for tax cuts, not for tax hikes. that helps. john boehner needs to take this deal struck in the senate that presumably has some buy in from him if not from his rank and file, because mitch mcconnell did not negotiate this is a vacuum and this is a pretty overwe will being vote. he will take this to his conference today and see where they are at. the expectation is there are two directions this could go. either a vote on the bill or house republicans propose changes so they can amend the bill more to their liking and send it back to the senate. but i think this is expected to move along here. >> there could be amendments, one past, they could vote on amendments, could fail, and then vote on the full measure. isn't that true also? >> yeah, that is true, and the other thing is once anything goes to the floor, it's not just up to republicans, it will -- and the think the expectation all along, whatever ultimately passes the house as we saw in the senate will require democrats and republicans. >> talking to phil gingery, seemed to be leaning no o
on new year's eve still addicted to spending money. >> last friday speaker boehner told his senate colleagues to see if they could find a by by bipartisan deal with time running out. house lawmakers were left working on unrelated issues and feeling like this process is broken. >> the american people are looking at congress with disdain and rightfully so. with the deadline on the fiscal cliff only hours away, we have failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> senate republicans are hopeful there will be a vote tonight. first, they would like an official score from the congressional budget office. so plenty of activity ahead here on the hill tonight. and if there is a vote and if it were to pass, then the house would pick it up tomorrow, bret. >> bret: just to be clear, mike. tonight, there is still a possibility, in the senate, because of the way it works, that you would have to get 60 votes to get the thing to the floor, it's not really clear that they have all those votes yet. >> that's right. we have
have to get onto the house floor. why would speaker boehner put it on the house floor? that's not in his interest. no republicans want that. so it's never going to happen politically. so when he calls for it to happen, he's simply telling the american public look -- these republicans are obstructing an idea. it gives him the potential to eventually make the argument that republicans obstruct an idea that he thinks could win and republicans will say well that's ridiculous because we object to it on principle and that's why we're objecting to it procedurally. does that make sense? >> jessica, stay there. thanks for your explanation. i want to bring in the rest of our panel. ken rogoff, harvard university, former chief economist at the international monetary fund, annie lowry an economic policy reporter for "the new york times." steven moore, editorial writer for "the wall street journal." ken, you tear financial crisis guru here. forget the politics. just give us the math. if washington fails to avert the cliff, the worst-case scenario will be the combination of tax hikes and
, speaker john boehner voted yes. and here's what the deal means for you. no tax hikes for couples earning less than $450,000 a year. itemized deductions capped for couples making over $300,000 a year. unemployment benefits extended for a year for 2 million americans. and that irritating alternative minimum tax permanently adjusted for inflation. >> this fight is far from over. the deal doesn't address spending. drastic cuts have been deferred now for two month and you can be sure the battle will get messy. and then there's the $16.4 trillion debt ceiling. we just hit it according to the treasury secretary and the president already drawing the line in the sand for that fight. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. if congress refuses to give the united states government the ability to pay these bills on time, the consequences would be catastrophic. >> brianna kealar is live from washington working triple duty for us. so tell us more about what is not included in this deal and what battles are now lo
's not going to get inaugust -- inaugurated until the 21st, and boehner thinks the real deadline is february or early march. that's a time frame to look for, and the reality is if you look at the markets over the last while, they are correlated between the commodity markets, oil, bonds, stocks, and that has not been the case for many, many years, and so it's really one trade. there's a macro trade. what's going on in the u.s. with the fiscal cliff, and before that, it was all about europe. david: larry, your picks, disney and direct tv, i know you like the vegas stocks, las vegas sans, boyd gaming as well, but what about john's point that just to be safe because you never know. i mean, the worse can happen, happened before, and could happen again, those jokers inside the beltway very often don't come to a conclusion. wouldn't it be safe to put at least 10 #% of the portfolio in cash right now just in case? >> i just can't see it. the math is so compelling on the other side, and you have this just incredible sentiment. thirty years now, you have not been able to lose money in bonds. a lot of
. that was in the context of a big deal with speaker boehner. now we're talking about the mini deal. the patch to get us through the new year. so democrats argue that this doesn't even have the votes to pass the house and the senate as dana says, it's a quote poison pill in the eyes of the democrats. we can continue to discuss that. i just want to bring awe little bit of news, if i may. while this all is as you put it, i think in very clearly, quote, disgusting and everything is moving very slowly. there is one potential glimmer of light. and that is, that senate minority leader, of the republican, mitch mcconnell and vice president biden have spoken. they've spoken twice. and the two of them have a history of cutting deals together. they were able to cobble together the debt deal that got us through the debt negotiations and kept the country from defaulting back in the summer of 2011. does this mean it will happen again? no. but it at least means there is a line of communication open between democrats and senior democrat and republican and the possibility that who knows, maybe there could be a path for
deal has to pass the house. we are not into the senate yet and the republican speaker john boehner plablamed the crisis one president saying he the one who has never found a way to say yes. >> so you are in new york and i'm in atlanta, and we get to washington now, because the senior congressional correspondent dana bash is closely following the negotiations from capitol hill, and dana, you have been there and talking to people, and where are we on this? >> well, the senate majority leader harry reid was on the floor moments ago saying that the senate will reconvene at 11:00 a.m. tomorrow. the senate will reconvene tomorrow at 11:00 tomorrow, and that means no senate votes tonight which is not good news for everybody looking at the calendar and looking at the watch at this point and not the calendar to see that it is midnight tomorrow night that everybody's taxes in this country will go up. simply put, both sides are not at a place where they believe that they can come up with anything to put on the senate floor for a vote tonight. they will give it until the actual deadline, decem
they wouldn't filibuster over here that he would support and that boehner would support, if it were reasonable, but right now we haven't heard anything. i don't know, and it's none of my business, i guess, although i am very serious, if the speaker and the majority leader, the republican leader over here are even talking. i mean, what's going on here? mr. president, you can't legislate with yourself. we have nobody to work with, to compromise. that's what legislation is all about, is the ability to compromise. the republicans in the house have left town. the negotiations between the president and the speaker have fallen apart as they have for the last three and a half years. we've tried mightily to get something done. just go over what the little drill here, mr. president, to remind everyone how unreasonable the republicans have been. senator conrad and judd gregg came up with a proposal to pattern what they wanted to do after the base closing commission. commission would be appointed and they would appoint back to us, no flust years, no amendment, yes or no like we did with the base closings
advisor doug shoen. we have basically mr. boehner saying, look, you senate, you have not come up with anything. >> i think, unfortunately, we will probably get around it. i think it is a worse outcome to avoid the cliff then to go over it. i think we should broaden the discussion and look at what is going on around the world. look at japan and europe. the japanese government is the glaring war on japanese citizens. it will create inflation. if the japanese citizens start to dump their bonds, they have been a bigger part then japan recently. that is a big problem for us. their euro has been quietly depreciating. if that goes out, that is a much bigger fiscal cliff. if the buyers of treasuries become sellers. liz: there are a lot of "if" in your discussion. the bond markets are still pretty -- nothing from the bottom vigilantes yet. you were a clinton advisor. you saw in the mid- 90s bond yields really spike higher. that is the issue. if we see the economy healing, bond yields could go up. investors say, wait a second, why invest for bond. >> that is the key issue. we have not seen
to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching the limit for about two months. but geithner warns it is harder to predict how long the delay will last because of all of this ongoing fiscal cliff negotiations making it harder to forecast what revenue and tax spending
? in effect force john boehner to put it on the floor in which parties tell me it would pass. >> that is then the critical issue, is it not? we heard earlier on with the deputy for dop in the house is a must. details are in private and no one was talking to them. would the deal get passed in the house? >> i think it could. we have been talking to republicans who say they think a deal from the senate will pass in the house but pass with democratic and republican votes. he think speaker boehner will put it on the floor and folks are telling me that but that said, you never know until you know and that's why they have the whip operations. they are counting nos very carefully to find out how many liberal democrats and republicans they can lose on either side to have coalition votes in the middle. that's the real trick. some have been optimistic that this deal will pass and you know, as long as it is within the contours that people are expecting at there point. >> okay. reminder for those of you just tuning in. we are waiting for a live press conference by president obama as we be
hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> nbc's capitol hill correspondent kelly o'donnell is live on capitol hill. kelly o., i'm looking at the clock, we are now 14 hours and 58 minutes from going over the fiscal cliff. let's outline -- >> reporter: but who's counting, right, chris? >> yeah, who's counting? let's go over for people, what remains unresolved? it seems like two weeks ago they were pretty well set on the basic parameters of this thing, so let's talk about what's left to deal on? >> reporter: well, there are some significant differences, but there has been progress. i've been talking to sources who say that the vice president and mitch mcconnell stayed on the phone exchanging calls until around midnight last night and that staffers who are key to this process continue talking after that. as you know, there are very few people in the room, so to speak, who really have their fingerprints on whatever deal may ev
hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq has also moved to the downside by half a percent as we speak. the s&p 500, as we speak, folks, is now down for the fifth straight day. i think it's down about 1.3% over the course of this week. so far let's see what happens over the last crucial hour of this trading day. >> so the clock is ticking. all eyes are on the white house. we've got i'm an javers there in washington as we wait for the white puff of smoke to come
clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do have to accept the fact that john boehner -- goes for the deal with democratic votes. >> he's about as acrimonious and able to get a deal done as sir harry reid. >> jared -- >> bottom lines, look at the vix, at 20, barely into anything. the market is clearly saying it doesn't care. hey, listen. i run my clients' money looking at the vix with my left eye, but 20, give me a break. you've got to thrill me above 30, above 35 before any of this has anything other than very interesting. >> if we get a deal, say sunday night we get a deal, right, do the markets rally, or does it depend on what the deal consists of? >> secretly, they are going to sell off on the news.
. the market doesn't seem to care. >> all the big deal, boehner and obama tried to do last year, still have to do that, simpson boles-type thing. >> by what the secretary of the treasury said yesterday. >> right. >> thank you for being here. >> bromance. a lot of fun. make sure you join us tomorrow. "squawk on the street" begins right now. >>> good thursday morning, welcome to "squawk on the street" live from the new york stock exchange, i'm carl kin ten nia with melissa lee, cramer and neighborer are off today but we are joined by dennis. good morning to you dennis, thanks for coming in. futures today, a lot to deal with as you probably know. the fiscal cliff headline watch continues. you just heard john kanas say the market not too concerned. futures up 21 points. decent data out of europe, we will talk about in a minute what a day for the asian markets again. also coming up. our road map begins at andrews air force base where the president arrives in a couple of hours, cutting his hawaiian vacation short to address the fiscal cliff s there really any hope in the last attempt? does the ma
boehner on the last day to keep that off the house floor. john boehner has followed what denny hastert used to impose as the majority of the majority rule. you don't bring something to the floor unless most of your members are for it. i think john boehner in this case would be willing to set that aside. he would have something else for his members to vote for, which would be more favorable to those die hard conservatives who oppose the deal, but i think he would put it on the floor and i think eld pass. >> joining us now on the set is republican congresswoman shelly moore-capito and democratic congressman greg meeks from new york. congresswoman, i think he could do that and bring it and still be fine on january 3rd. is that your view? he would be re-elected speaker. >> i think he's going to be re-elected speaker, regardless. but i think there is a will in our conference, in the republican conference, to act, to have something on the floor to react to. i would say that it could be that it comes back from the senate and we act on it, but we amend it and change it. i wouldn't say it would
to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you sign this legislation setting up a fiscal cliff 17 months ago. how accountable are you for the fact that washington can't get anything done and that we are at this deadline again? >> well, i have to tell you, david, if you look at my track record over the last two years, i cut spending by over $1 trillion in 2011. i campaigned on the promise of being willing to reduce the deficit in a serious way, in a balanced approach of spending cuts and tax increases on the wealthy while keeping middle class taxes low. i put forward a very specific proposal to do that. i negotiated with speaker boehner in good faith and moved more than halfway in order to achieve a grand bargain. i offered over $1 trillion in additional spending cuts so that we would have $2 of spending cuts for every $1 increased re
no plans to reconvene. last week, house speaker john boehner said it was up to the house to act on extending unemployment benefits. as we work through all of this, we are happy to be joined by allen capper, head of credit strategy at lloyd's for the hour. welcome back. i guess we're still shaking off the christmas turkey tryptophan, i guess they call it, and yet it feels as though it's groundhog's day. >> yes. you say shaking off the christmas blues and we're shaking still waiting to hear what happened with this fiscal cliff. we knew they would take it to the wire. there's no surprises. what concerns me, this may stretch on until january. now, this is not the first time we've been in a situation like this in my career in the markets. the opportunity is clearly markets may sell off and then an accord has to be reached. i guess a lot of people will be seeing that. >> what are you seeing in credit markets right now? is there a sense they're looking at the strong off move? >> i think in the credit market, liquidity started to disappear last week and now there's no real positioning w
days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a blank check just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> now, a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. and when asked who they held more response, 27% said the gop, 6% pointed to the dems and 30% said all of the above. for more on this, we're joined by christian schultz from barronberg bank. welcome. so we're going over the fiscal cliff. >> well, the consumer confidenc already be over the cliff in terms of confidence already. that might already be the first impact of the crisis of -- not of the crisis,
says compromise going out to 4,000. here is what pelosi said in may of 2012 to speaker john boehner. democrats believe those earning over a million dollars a year should expire and we should use the resulting revenues to pay down the deficit. has anybody called her on that, hey, look, you're only for raising rates for millionaires and above before now you're into the $400,000 level? >> i called her on it last week, and she avoided the question and didn't answer it directly. she said, we were trying to smoke out, that was her quote, smoke out republicans and steny hoyer himself mentioned that it was a ploy. so, i think they were trying to get republicans to agree to the millionaire tax increase and then see how far it will move even more. and it's politics, david. david: yeah, yeah. >> by the way the millionaire tax, only, it would basically raise money to cover eight days of government spending, but you know, david and adam, we've had the letter from nancy pelosi. do you really believe it was a ploy to smoke out the republicans? because nancy pelosi in her letter is equating million
have taken the heat, and john boehner's plan b, a disastrous piece of publicity, got that. do you think that the tide is turning at all and that the jonbenet has been gettinof and . >> and not seeing any leadership for the president and not seeing any for the senate and not seen the budget. i think that the frustration is across th board and it should be felt by all. >> okay, you're sitting there in washington and you tell me now, do you think we get a deal on new year's eve? >> gosh, i certainly hope so. >> do you think we will? >> do you think we will? >> i don't think that this washington, anyone in washington is reckless enough for the country off the cliff. they recognize it's dangerous. stuart: i've got to read between the lines here. you're saying that there will be some kind of last minute stop-gap deal, yes? >> i certainly hope so. stuart: and what would be the form of that deal? what would be in it just a broad outline? go. >> well, we can't see taxes go up on anybody across the board and we have to see the tax rates extended for everyone and-- >> that's not going to happen. >
boehner and president obama talked about, that they address things like alternative minimum tax, and put together a deal that we either try to pass before the end of the year or get agreement to come back right after the first of the year and pass it through both houses. adam: the numbers were something like the president at one point was willing to raise his baht -- bottom line to 400,000. if that's the deal, can you guys, can the men and women in our political leadership pass something before midnight, december 31? >> well, i think so. i mean, and you're going exactly the right direction. if you take what's been put on the table, you got the senate bill, you got the house bill, and you got what president obama and speaker boehner talked about, somewhere in the middle, i think, is a deal we could pass before year end, and as you say, it would be in the $400,000 to $500,000 range, but there has to be a commitment any revenue generated goes to savings, and not more spending. that's the other part of the equation that the president has to step up on to get a deal. adam: senator, we'll have
deal. starbucks shares at this point down slightly, 48 cents. imagine john boehner going into starbucks and they write on the cup, come together. hello. lori: boehner, this is directly to you. tracy: exactly. howard schultz is on the campaign to fix the debt. he is one of the ceos that has come out. lori: he has nothing to lose being advocate, being outspoken. the stock is healthy the company is thriving. talk about where crowds are right now, any starbucks on any corner. tracy: i hope they do it with a big black sharpie. come together. write it on the cup. lori get the latte. lori: if washington gets back together and we get a debt deal and economy picks up? that is big if. there are industries that stand to add the most jobs. tracy: we'll tell you where you should be looking if you're ready for a change of pace. that is all next. stay with us. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box
't is because speaker boehner, who i like and you and i have talked about, cannot get -- listen, if he can't get a million bucks threshold on a tax cut through his chamber, what's he going to do get $500,000? it's not going to happen. what i think is going to happen at the white house this afternoon, though, is these folks are going to come in, sit down with the president, they're going to say, okay, we're all jumping over the cliff. so what do we do after the cliff? and that's probably a very good conversation for our nation's political leaders to have. >> jimmy, i grant you what you said is true, because all we're talking about is taxes. which is weird. >> we're talking about a hell of a lot more than taxes, joe. >> no, but jimmy, boehner couldn't get his guys to do the taxes. but if we were focusing on entitlement reform or spending or any of the big issues, joe, then obama couldn't get his base to -- so it's awo-way street we got going. >> takes two to tango. if he could have gotten inside together we might have had a shot of getting this done. sadly this is kind of like watching a last-plac
would have likedded is what the president and speaker boehner were working on, the grand bargain, literally putting everything on the table and have a $4 trillion dent in the deficit. that eluded us. that's the disappointment. we've got that fiscal cliff situation again with the sequestering in march. what we did accomplish was we looked at this in a very pragmatic way and took a step, and it's a modest step, but in the right direction, and market reaction is cheering the fact that we moved in a right direction. >> i want to key in with the point about the grand bargain. congressman, it's worth reminding the viewers that the largest parts of the federal budget are exempt from cuts, entitlements and interest payments on national debt. how optimistic are you on reform and make cuts that decrease the rate -- not asking for actual deficit reduction, but increase the rate of the growth -- decrease the rate of that growth. >> you hit the heart of the problem. health care, medicare, private paid, employer provided health care, the cost of health care's going up oftentimes two and three
boehner. this is not a republican or a democratic issue, national disasters happen in red states and blue states. >> tom: boehner's aides said the speaker will make the sandy relief bill his first priority in the new congress, which will be sworn in tomorrow. >> susie: american consumers and business executives are now doing the math on how that fiscal deal will impact their finances. a crucial question is where will they spend, and where will they cut back. erika miller takes a closer look at how the deal will affect consumer and business spending this year. >> reporter: the fiscal cliff deal removes a major negative overhang for the u.s. economy. >> congress wasn't just voting on a fiscal package. they were voting on whether or not they wanted the economy to slip into contraction in the first half of 2013. >> reporter: but, it's not clear the economy is in any better shape, as a result of the deal. >> overall , it should be a little bit of a drag. when tax rates go up, there will be less money around to spend. there will be a lower savings rate most likely. >> reporter: the budget bill
on television. but it was speaker boehner who had to save the deal late last night, fending off a revolt of his own party and putting his job on the line. supporting something opposed by the vast majority of his fellow republicans. now that it's passed, what does it mean to you? for the first time in more than 20 years, you'll see tax increases on the wealthy. for taylor swift, who made an estimated $57 million last year, that's nearly $2.6 million in new taxes. warren buffett, who famously paid a lower tax rate than his secretary, will also take a hit on an estimated earnings of $63 million, he'll pay an extra $2 million, thanks to an increase in the capital gains tax. for those with income under $400,000, no next tax hike. the social security payroll tax cut passed two years ago is now gone. for workers earning $50,000, that will mean $1,000 less in their paychecks over the next year. and the bill extends unemployment benefits for some 2 million people looking for work. but even as that was resolved, a political fire storm erupted over what congress has failed to do. adjourning without passin
side under the leadership of speaker john boehner. i've talked to a couple of republicans this morning who are fairly optimistic that whatever comes out of the senate, whatever that deal is, it will pass the house this afternoon. although hard-core republican anti-tax folks are not going to vote for it. it still would likely have enough votes to pass. that's at least the mood of some folks i'm talking to today. guys, one of the big questions that's unresolved here was raised on a conference call with ceos arranged by the white house on friday night, on that white house conference call with ceos. one of the ceos asked tim geithner, i'm told by a participant on the call, whether a small deal would be enough to are prevent ratings agencies to downgrade u.s. debt. i'm told by this person on the call that the administration's response to that, they think a small deal would in fact be enough, but they wouldn't speak for the ratings agency. still a big unknown hanging out there, guys. >> and we know about some of the tough conversations we'll have 30 days from now, 45 days from now, eamon. it
, that's actually all up to john boehner, as i see it, because if we were to decide to bring the president's most recent small car compromise to the house i actually believe it would pass. the problem for him it would probably pass with mostly democrat vote, but i think it could get through the senate. that's the only scenario i see by which we avoid going over the cliff. >> wait a minute. >> at least temporarily. >> wait a minute, jared. john boehner said it's up to the president and harry reid so are both sides standing at the precipice waiting for each other to make the next move. >> not really. it really is all up to john boehner to decide whether he wants to bring this vote to the house floor. if he doesn't, i would put on either your cliff bungee cord or your cliff parachute and that's actually an important difference. >> we would like a bungee cord and a parachute. >> right. >> but i would like to know maybe we have neither. what do you think happens to the market, matt, in either scenario, deal or no deal? >> i can't imagine we're going to get a deal done with any sig
and speaker boehner has made the same argument. >> thank you so much. we want to show people what is going on with the after markets because even though john says people are optimistic the markets are not optimistic. right now if the dow jones industrial average were to open at this moment it would be down 315 points. that's a reflection of the futures trading that happens in the after-hours. we'll see how asia opens on monday and right now the markets do not like what they see. they are not optimistic at this point and maybe if a mini deal gets done, a mini deal is not enough to deal with what the country faces. after all of this time the president still wants congress to come up with a plan instead of assuming the leadership mantle himself. let's talk to a member of congress about that. james langford serves in the house budget committee and he joins me now. sir, have you conceded you're not getting spending cuts are you voting on raises taxes on people who make over $250,000 come sunday or monday, whatever it is? >> sequestration is a debt ceiling deal from last year. we made a deal and
pass. >> so harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less than $250,000 a year. now that bill if it was brought to the house floor would have to pass with democratic votes. speaker boehner has said that he wants to pass something ultimately that can be con by t done by the majority of the majority. >> i don't understand how you can call him a dictator when he can't get his own bill passed. that doesn't make any sense to me. if he was a dictator, he could have done it. >> what we're watching here is a lot of finger pointing. the house side wants the senate to do something. the folks on the senate side said, wait a second, john boehner is who to blame. at the white house, they're pointing their finger at capitol hill. there's a lot of finger pointing but not a whole lot of action. >> all right, eamon. thanks so much. >> you bet. >>> as negotiations continue on washington, that is a bit of an overstatement, check wall street, the fear index is spiking as the markets dr
boehner said there waiting on the senate. we're waiting to hear what, if anything. but the speaker says he will give members 48 hours notice before she calls the house back into session. but there are back in session today with non fiscal fifth legislation and harry reid spokesperson i ask the mitch mcconnell spokesperson the same question and he said it is possible there could be delays and for the advice to get back here? getting the same advice that we get as mere mortal. >> we would tell them the same thing. check with the airlines to make sure the flight is on time. but things in washington are in good shape. >> the storage is centered over maine but those two senators olympia snowe and susan collins got here before the storm hit. they are here to vote if they have to. tracy: we make a joke about mother nature but they have to get there. >> you almost did not have anchors for the 1:00 show. [laughter] we were almost in a body cast. >> will 2013 bring peace to the middle east? call being be violent syria and iran. look at the interest rates. the yield on the 10 year note has a big move
to session. house speaker john boehner says the house will be called to order sunday and warns lawmakers they may work through friday. ford is expanding in the great lakes state. the automaker will invest $773 million in additions to four of its michigan factories. ford says it'll create 2300 new jobs and may lead to a goal adding 12,000 new jobs across michigan by 2015. the star of the hit tv series "grey's anatomy" is attempting to buy a coffee chain. patrick dempsey, better known as mcdreamy on "grey's," is said to be bidding on tully's coffee shop, which filed for chapter 11 banruptcy back in october due to a cash flow issue. it goes up for auction next week. tully's started up in 1992 in seattle and has multiple stores in washington and california along with nearly licensed locations across the country. the actor says he's stepping up to buy the chain to save jobs in the seattle area. five infant deaths have caused major retailers to recall a popular infant recliner. 150,000 "nap nanny" recliners are being recalled. a report says the product poses a substantial risk of injury and de
. thank you very much, mr. president. mr. boehner, speaker boehner, oh, he finally gets the house back in session on sunday night. and then we have some democrats saying, why don't these republicans quit defending their millionaire pals. the way it's presented in the establishment media is highly pejorative against republicans and yet, republicans, as we heard from the rasmussen poll, they're not getting all of the blame. it's 44-36 that's where it is, again, that surprises me. >> those headlines are great. the next time i'm on deadline and i have a story to write. because i've left it to the last minute and i have to cancel a movie i think i'm going to, you know, complain about it and say, oh, finally, i'm getting back into the work session here. no, i mean, it's ridiculous. now, the republicans, i think, are doing one thing wrong though and that is focusing so much on the tax increases on higher earners, i do think that that's one area where obama can claim to have a bit of an upper hand because he made it very clear in his campaign for reelection, that he was going to tax the wealth
a significant development in the house hastert night. of course, john boehner took to the floor a billion that did not have the support of a majority of republican members. that's the way that republican speakers have operated for some time. he got less than half, his republicans. and a pron of democratic votes to pass the bill. a significant thing. they went through a bit of kabuki before that because the speaker had a republican conference, and they went through the motions of see figure -- seeing if they could get a bill with more spending cuts and couldn't. that's why we ended up with this result. >> help go through a couple of headlines here. the big headline out of the white house saying that they're raising $620 billion over ten years. on the other hand, you have others, cbo and depending on the political elements, some people saying that this is actually going to cost us $3.9 trillion over the next ten years in part because of amt and how things are associated. then you have the payroll issue which you mentioned, which apparently on average is going to increase people's taxes by a
. if you vote on the deal that john boehner couldn't get done in his conference thursday, if you vote on that in january, a deficit deal than december. it's actually a tax decrease. i don't think nothing is going to happen in the coming weeks. it is possible we get into the first week of january before something to vote on. congress has gotten used to doing things at the last minute and it's not exactly clear when the last minute is here. >> i've been saying for a while you don't have to deal with 400 or 500 grand, get 250, what the president has wanted all along and get the republicans to not vote for a tax cut for everybody under 250. why hasn't that been the strategy or can you tell me that hasn't been the strategy all along? >> the piece of it i don't fully understand why the speaker decided to do what he did last week, walk away from negotiations. they were getting pretty close between the speaker and president and john boehner came up with plan b and it didn't happen. i'm not quiteshi shirure what t detail was about. while the leaders were negotiating we had a lot of time to tal
is a measurable. connell: this is your caucus. speaker of the house is republican john boehner, we thought there would be a vote. for what you have been told behind-the-scenes i am sure you ask the lot of questions. what happened? >> still trying to figure out. majority leader erich cantor doing in good faith all week but continues to deal with this in good faith, we have legislation drawn, supposed to come to a vote yesterday and told it was coming up this morning and was going to provide the full $60 billion. two minutes, the $30 billion amendment will let up everything ready to go and we started hearing rumors that there wouldn't be votes and the vote was not going to come up and we asked eric and as far as he knew it was coming up but the speaker wouldn't give the green light and vote is over and we started hearing different things. the final vote comes and goes, the speaker is gone and told one of eric cantor's aides that the bill was -- connell: two part question to add it up because we have to go in a second. do you think or do you know anything about a possible vote today and what
for a tax increase of any time? i think that plan b that speaker boehner paul ford is a clear indication that they will not. at some point, the republicans have to say i will vote for a tax increase. even if it is a small one. [talking over each other] dagen: and you have on the other side digging in their heels about making slight tweaks. lack of movement on the democratic side. >> no, you cannot, dagen. dagen: why can't you argue that? [talking over each other] >> the democrats have voted for this. what was the number one charge of the vice president ryan? it was democrats would reduce medicare. this is not that anymore. you cannot make that argument anymore. the beginning is when the republicans say i will vote for tax increases of some kind. i will guarantee you, guarantee you they will vote for a change in medicare and the rest of it, but they have to say, look, this is both revenues and expenses on the table. this goes back to george bush and what he did in 1990. remember what happened to him. it is very difficult for elected officials to vote for something when they think it will
is outsourcing. this >> the president had put serious spending cuts on the table. answered speaker boehner, a week and a half ago, are this close and then what happens, all of a sudden, speaker boehner decide dodd this plan b. it fell apart and it's leaving us to this last minute. >> automatic cuts, defense cuts, domestic cuts, what's gonna happen to that with this -- are they gonna address that, this deal? >> i was called by leon panetta last night at 7 can 3 0 doubles,ing dinner. >> secretary of defense. >> yes. i was told, lindsey there wouldn't be anything in this deal to avoid sequestration going into effect. he says if we do this, it will be shooting the defense department in the head and we will have to send out 800,000 layoff notices the beginning of the year. he is worried to death we don't fix sequestration, we are going to destroy the finest military in the world at the time we need it the most. >> and there you have it, the voice on sunday. there is no deal yet on the fiscal cliff. so what does it all mean for you and your money? well, we will have you back and we will talk abo
congress goes out of session. meanwhile, speaker boehner says it is one of his first priorities when the new congress comes in later in the week, tyler. actually up to you, becky. >> thank you. >>> i guess we will get an earful from chris christie when he sounds off on this. >>> we now have a deal in washington. this is a deal for now anyway. maxine waters california democrat. she voted nor bill. jack kingston is georgia republican. he voted no. our next deadline is match. spending cuts are key. how do we get there from here? how do we do it without wring bringing the final system to the brink of collapse again? well have their answers right after the break. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >>> with the fiscal cliff price
president obama and house speaker john boehner for any kind of break through, millions of married couples facing a higher tax burden if we go over the cliff. the bush era tax law eliminated the marriage clause meaning that incomes of couples earning as little as $80,000 would be subject to taxation at the rate of the higher earning spouse. now as far as their wealth preservation strategies, a nationwide survey done by northern trust found high net worth persons, more than 5 million in assets, are much more proactive in anticipating the tax consequences of going over the cliff than those with a million dollars or less in assets. that same survey had 44% of high net worth individuals saying their top priority for the country is economic growth and reducing unemployment versus 19% who are reducing the federal budget deficit. >> all right, hampton. thank you very much. >>> the finance.yahoo.com poll puts you in the shoes of a member of congress. how would you handle the fiscal cliff? go vote finance.yahoo.com. the results are coming up. there you see your options. michelle. >>> tyler, one of
john boehner can bring his troop as long. >> we need to get this right. >> the president is not, not going to make a new offer in this meeting today. >> the dow has fallen to the new lows. >> we may still be able to reach an agreement. >>> all right cliff or not, the markets finished 2012 in good fashion. the for the year the s&p 500 up a healthy 13.4%. all right joining us now is london based cnbc's kelly evran. before she deserted me, she was a regular on this program. good year for the s&p 500. actually, judging from the numbers, the economy could be even stronger. looks like the back end got better. here is the interesting thing. business investment could be a weak spot. if it is not because of the fiscal cliff, then there is more reason to be concerned. we saw in the sentiment figures, especially in the last month, there is a clear sentiment shot. perhaps even a real spending shot for businesses. five months of slumping, the last two months showed healthy gains. consumer spending, personal income, unemployment claims are low. what do you make of that? >> that is the first t
boehner, the two of them couldn't find a way to get to a deal because they didn't want to look like they were ever caving. and when you get to a point where it looks like you're caving on something, then there is negative political effects. now, that's why they've brought in vice president biden, mitch mcconnell, to try to close this thing. and they may close a deal, but there's no guarantee that even any deal they come to an agreement with tonight will actually make it tomorrow. >> and chuck, this congress has, your honor telling us, the lowest approval rating ever, the least productive. what happens when the next congress comes in later this week? >> reporter: well, the bad news is, if you view this as bad news, more of the same. because even if they get this temporary deal on taxes, temporarily buy down the automatic spending cuts, what they have set up is a series of mini fiscal cliffs, if you will, kate. so every three to six weeks, over the next six months, we could be going through nights like this where we're up against the clock and congress has to act and the president --
much to hope for at this time. >> reporter: house speaker john boehner has not publicly yet endorsed the deal. >>> the white house issued a statement after this morning's senate vote. in part it reads while neither democrats or republicans got everything they wanted, this agreement is the right thing to do for our country and this house should pass it without delay. >>> a local police department is starting the new year in mourning. a warrenton father leaves behind three grieving children and saddened neighbors. >> reporter: officer chris young was on his way to another call when this terrible crash happened right here behind me in bristow. it was really sad and hard for our families. the kids all played together. chris was always running around playing flashlight tag with the kids. always had a smile on his face. just a great guy. >> reporter: friends remember officer chris young. the married father of three wawr a motorcycle officer on his way to a crash driving on nokesville road around 2:00 p.m. new year's eve when police say this now charred minivan made a turn in front ever the
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